5. With a view to achieving transparency and coherence, calls for an own EU budget line for the Baltic Sea Strategy, possibly under the European Neighbourhood and Partnership Instrument, supplementing the current funding of the Northern Dimension by the European Union, Member States, third countries, the European Bank for Reconstruction and Development, the European Investment Bank, the Nordic Investment Bank and others; stresses that the Strategy must receive adequate funding from all relevant budget lines in order to be able to fulfil its objectives;

The banks involved are the European Investment Bank, Black Sea Trade and Development Bank, Council of Europe Development Bank, Nordic Environment Finance Corporation and Nordic Investment Bank .

The Meeting was also attended by the Regional Organizations in the North (the Council of the Baltic Sea States, the Barents Euro-Arctic Council, the Nordic Council of Ministers and the Arctic Council,), the International Financial Institutions active in Northern Europe (the European Bank for Reconstruction and Development, the European Investment Bank, the Nordic Investment Bank and the World Bank), as well as by representatives of the European Parliament, the European Economic and Social Committee and the Committee of Regions.

The project has been designed with the close involvement of the World Bank, the Asian Development Bank, the European Investment Bank, the Nordic investment Bank, the Agence Française de Développement, COFACE and other export credit agencies.

7. Notes that, in the conclusions of the Presidency to the Stockholm summit of 23-24 March 2001, the Council agreed that the EIB should open up lending to Russia for selected environmental projects in Kaliningrad and Saint Petersburg; notes that, in addition to the EIB, the so-called 'Northern Dimension Environmental Partnership' scheme will comprise the Commission, the European Bank for Reconstruction and Development, the Nordic Investment Bank, the World Bank and Baltic States including Russia; expresses reservations as to the feasibility, sustainability and practicalities of this scheme; calls on all parties to ensure that rigorous ...[+++] control mechanisms are in place, including a clearly defined cooperation agreement;

6. The Council would welcome further participation of the private sector as well as of International Financing Institutions, where appropriate and within their respective mandates, such as the European Bank for Reconstruction and Development, the European Investment Bank, the Nordic Investment Bank and the World Bank with a view to their finance activities in the region.